Pakistan Proposes Framework to Recognize Cryptocurrency as Legal Money

The State Bank of Pakistan has proposed amendments to recognize digital assets, including cryptocurrencies, as legal tender, potentially paving the way for a central bank digital currency (CBDC) and modernizing Pakistan financial landscape.

In a significant shift, the State Bank of Pakistan (SBP) has introduced a framework aiming to classify digital assets, including cryptocurrencies, as legitimate currency. This legislative proposal, if approved, would permit digital assets like Bitcoin to be used as legal tender within Pakistan, moving the country towards a modernized financial ecosystem aligned with global digital trends.

The amendments proposed by the SBP suggest changes to the State Bank of Pakistan Act, which would enable the central bank to develop and manage its own digital currency. The Tribune reports that the legal tender status would allow such digital currencies to be used for settling debts and for purchasing goods and services in Pakistan. This step represents a departure from SBP’s previous cautionary stance on virtual currencies, as it would place these assets under regulated oversight.

The proposed framework also details penalties for unlicensed digital currency issuers and enables the SBP to supervise both digital and physical currencies, expanding its regulatory duties. Additionally, the plan reverses a prior restriction that limited dual nationals’ eligibility for senior positions within the central bank, broadening leadership opportunities as the country embraces a digital finance approach.

This modernization effort aligns with Pakistan’s broader economic objectives, including projected GDP growth rates of 2.5% to 3.5%, as the government aims to bolster its financial sector amid the worldwide shift to digital economies.

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